The new government should be made official today, before the meeting of Ministers of the euro area to be held from 16 hours in Brussels to discuss the strengthening of the European support fund (EFSF).

In France, Prime Minister Francois Fillon on Monday will unveil a second multi-year austerity plan. New measures could include an accelerated implementation of pension reform.

Oil markets, a barrel of "light sweet crude" rose 24 cents to 94.50 dollars in early electronic trading. The price of Brent North Sea on the other hand wins $ 1.31 to 113.28 dollars. The euro remains fragile: the euro is worth 1.3757 dollars against 1.3788 dollars on Friday night.

Accuracy that allows Standard & Poor's to stand out from its counterpart Moody's, which launched a few days ago warning of a possible future revision of his opinion of the French debt.Fitch has also distanced itself from Moody's, ensuring that it does not intend to degrade the rating of France.

Without growth, no AAA rating for France

S & P has built these "stress tests" on sovereign debt from two batteries of different assumptions. In the first scenario, it assessed the impact of a relapse into recession. In this case, France could see its rating downgraded from AAA to AA +, because of lower tax revenues.

In the second scenario, which provides a relapse into recession coupled with a shock on interest rates, then the note of the French sovereign debt could be lowered by two notches.The notes of banking groups could also be revised.

"The soaring deficits and the recapitalization of banks will weigh heavily on the indebtedness of countries in the euro area," said the head of credit analysis in Paris, adding that "the credit quality of the countries in the euro area will thus be deeply damaged. " The rating agency also said it will adjust its ratings depending on the extent of the downturn on the Old Continent.

For now, the assumption of a recession in the countries of the euro area is not the scenario preferred by S & P, which focuses on growth of between 1% and 1.5% on average for 2012. This is not the case of Fitch."The intensification of the crisis in Italy, Spain and other countries in the euro area under pressure, is expected to generate a recession," says David Riley, head of credit ratings of sovereign debt at Fitch.

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If the prospect should be revised to "negative", this would imply that Moody's would likely lower the rating over the medium term, most often at a maturity of three to twelve months.And France would become the new big country, after the United States to lose its prestigious rating that allows it to borrow on the current market conditions very favorable.

A budget supervision

In reaching its decision, Moody's analyze the ability of the French government to meet its budget commitments. She stressed that the financial strength of the French government "has weakened since the economic and financial crisis worldwide has led to a deterioration in its debt ratios, which are now among the lowest in AAA." In addition, "France could face a number of challenges in the coming months, such as the need for additional support to other European countries or its own banking system, which could increase significant commitments that must support the country's budget. "The remark came just after the adoption by the members of the guarantees provided by the French in the process of dismantling the Franco-Belgian bank Dexia payday loans for bad credit.

But Moody's does not forget to mention the strengths of the country where the government should build, "the large scale of its economy, high productivity, wide diversification, experience, innovation and a savings companies with high a moderate increase in financial liabilities of households and businesses. "These elements provide" a great capacity for shock absorption by France, as demonstrated by the strength of the demand during the global crisis, "reminds the statement.

France "will do everything possible" to keep the AAA

The rating agency said that the review is part of its annual financial statements for France and it is not yet a decision on the rating of the country.

But after this warning, the marathon budget to the Assembly for consideration of the budget 2012, which begins on Tuesday, should be closely watched.On France 2 last night, Prime Minister Francois Fillon warned it would take "new measures" austerity if France did not record a "minimal growth of 1.5%" in 2012, as the draft budget is "built on a projected 1.75% growth, but it works with a minimal growth of 1.5%."

Already, Tuesday morning, the Minister of Economy, Baroin, indicates that the growth forecast for 2012 is adopted "probably too high." He promised that France "will do everything possible" to maintain its excellent rating.

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Rivers and ground water surrounding the uranium had been contaminated at levels above the standards of the World Health Organization (WHO).The court believes, however, that no "adverse effects on health" or "no damage to the fauna and flora" could not be found.

Acquitted at trial in October 2010 of the offense of "water pollution that caused an adverse effect on health or damage to flora or fauna," the Socatri was convicted Friday by the Court of Appeal of Nîmes , the offense of "discharge of toxic substances into groundwater causing a significant change in the normal operation of water supply guaranteed high risk personal loans." Areva's subsidiary was fined 300,000 euros, to pay 20,000 euros in damages to each of the plaintiffs associations (including Greenpeace and the Nuclear Exit) and 10,000 euros in moral damages to a dozen residents. Of these, several had been forbidden to consume the water they were drawing ground water from their property.Some seeking compensation following the decline in the value of their homes due to the incident.

The Nuclear Safety Authority (ASN), which classified the incident at 1 on the INES scale has seven who had criticized the Socatri him failing initially to provide information on pollution the environment.

Without having published a press release responding directly to the attack of the Italian President, Standard & Poor's is fighting back."The sovereign ratings by S & P ratings are apolitical, based on the evolution of" credit risk, provided to investors, "says one in the U easy to get unsecured personal loans.S. rating agency.

Moody's and soon …

S & P also ensures that its assessment is based on "independent analysis and detailed economic and fiscal outlook in Italy and on assumptions about the expected evolution of the debt.""The ratings indicate how the various policy initiatives may impact on the financial reliability and to hear any suggestions on policies that a government should or should not continue," said the rating agency.

Entangled in new revelations about his private life, Silvio Berlusconi is aware that the decision of S & P is a blow to the country, as Moody's may degrade the note of Italy in October that had never been lowered since the beginning of the debt crisis.

Player Figaro BFM

After wearing his cap red and getting up to announce a decision solemnly waited feverishly throughout Europe, the President of the Court Vosskuhle Andreas has removed one by one the arguments of the plaintiffs Eurosceptics.Or using in Athens in spring 2010 or the creation of the European emergency EFSF "do not violate Article 38 (of the German Constitution) the right to vote", and "neither sovereignty nor the fiscal room for maneuver future parliaments "have been compromised, he said. Known for their warmth towards Europe, the sages have therefore lifted the sword of Damocles hanging over the center-right government of Angela Merkel.

Advocacy for the euro and Europe

However, the game is not yet won for the Chancellor, who must bring together parliamentarians from the majority behind the new rescue plans for the euro area. Monday night, during a test vote, twenty-five members of the ruling coalition in Germany refused to support his bill to expand the powers of the European Financial Stability Fund (EFSF) which Germany has pledged more 200 billion euros.The rebel MPs are also opposed to new aid to Greece, they will also be asked to vote. Thanks to opposition voices, it was adopted by the Bundestag on September 29 is almost assured. But if his majority is lacking, the blow could be fatal to the coalition, Merkel could then be forced to call early parliamentary elections.

Thursday, Chancellor has therefore engaged in advocacy for the euro and Europe before the German MPs. "The Constitutional Court has absolutely confirmed" the path followed by Germany, it was welcomed. "We can not and will not let the failure of the euro," Merkel argued, reiterating that the future of Europe is at stake"If we are to avoid a major crisis in the western world (…), we need to fundamentally rethink everything," she said, adding that the accumulation of excessive debt for decades was the cause of the crisis. Marking the importance of the issue, Finance Minister Wolfgang Schäuble had gone in person in early July in Karlsruhe on behalf of the government argue the legality of the aid granted. The judges' decision "does not change the fact that decisions are difficult," he acknowledged Thursday, "but the debate on their compliance with the Constitution is over."

The Constitutional Court has in fact pointed out the powers of the Bundestag, which will give the green light "case by case for any aid of great importance." The Court held that the government has "the obligation to obtain clearance prior" to the budget committee of the Bundestag before making any commitment.No way also for Berlin to ratify agreements on a "community debt especially if it is linked to consequences difficult to predict," warned the judges. The idea of ​​creating common European obligations or "Eurobond" seems to finally buried the Rhine.

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Elsewhere in Europe, the Milan Stock Exchange closed on a fall of 3.89%. In Frankfurt, the Dax lost 3.36% at the final bell and the FTSE in London fell by 2.34%.The European indexes have been sealed by banking stocks, which still suffer from concerns over European debt, including the stalled talks in Greece.

Thus, investors have been cooled by zero job creation in August in the United States. In July, the first estimate of recruitment was greatly scaled down from 117,000 jobs created to 85,000. The unemployment rate remained steady at 9.1%, as expected. "The labor market is expected to remain sluggish in the medium term and the unemployment rate should rise slightly or remain at its current high level" of 9.1%, says Inna Mufteeva at Natixis.This publication reinforces the eyes of experts, the probability of a new monetary response from the U.S. Federal Reserve at its next meeting on September 20 and 21.

In addition to the waits before publication of the report, traders were disappointed by yesterday's U.S. indexes mixed. The weekly jobless claims have fallen and certainly the contraction was avoided in the manufacturing sector, but construction costs and productivity plummeted. In addition, the White House confirmed the pessimism about the weakness of the recovery across the Atlantic in scaling back its growth forecasts.

Euro stable

On the foreign exchange market, around 17:30, the euro 1.4207 dollars, against 1.4260 on Thursday, its lowest level in three weeks.Yesterday, the euro had fallen sharply under the impact of renewed concerns vis-à-vis the health of the euro area, where industrial activity contracted in August, unlike the United States.

In France, higher energy costs caused a 0.5% increase in producer prices in July in the euro area, as expected, but overall inflationary pressures subside to the extent that the area economy patina.

The bank collapse

Fear seizes even Greek European banks. The establishment of a second aid plan seems to be complicated. The troika of creditors of Greece left Athens Friday, giving the government 10 days to advance structural reforms in the country, weighed down by a recession that will prevent it from holding its budget savings target.In Paris, Crédit Agricole fell 7.38% to 6.65% Societe Generale, BNP Paribas and Axa of 6.24% to 5.73%.

Arcelor-Mittal: -6.10% to 14.17 euros

The group plans to resort to short in the fourth quarter at its plant in Florange (Moselle), and will ask 600 of the 3,000 employees of the plant to take RTT in September, officials said Thursday a union source

Total: -2.69% to 33.40 euros

The oil will extend all over France its network of service stations at low prices, after tests conducted last year in dozens of outlets, according to Les Echos.

France Telecom: -2.37% to 13.17 euros

The operator has received numerous expressions of interest for its Swiss division, told Reuters CEO Stéphane Richard, noting that financial market volatility would not affect projects sales of assets of the group.

Bouygues: -2.14% to 25.61 euros

The Standard & Poor's announced that it placed the long-term rating of A-group under review with negative implications following the announcement by him of a proposed acquisition of securities.

Sanofi: -3.25% to 49.75 euros

The group confirmed Thursday it has reached an agreement with Pfizer to produce in France generic versions of Lipitor, the cholesterol featuring the American group.

EDF: -3.23% to 20.95 euros

Goldman Sachs has revised down its price target on the title, which goes from 49 to 31 euros, while remaining on the purchase value.

Carrefour: -2.83% to 17.66 euros

HSBC lowered its recommendation to "overweight" to "neutral" and target price of 30.50 to 20 euros.

Stallergenes: – 0.81% to 49 euros

The laboratory of immuno-allergic Thursday announced a net profit up 18% in the first half to 23.7 million euros, benefiting from the "business growth" and a "moderate increase spending research and development. " In the process, Oddo is to reduce its recommendation to neutral.

Safran – 2.77% to 27.05 euros, Suez Environnement: -4.23% to 11.09 euros

Saffron is the best candidate for an entry in the CAC 40, while Suez Environnement, whose price has fallen heavily since the beginning of the summer, should come out, say professionals in the Paris Bourse.

Nyse Euronext – 1.93% to 18.56 euros

The London Stock Exchange has confirmed a press report that it is discussing a possible settlement with LCH.Clearnet.Discussions are at a preliminary stage and there is no guarantee that it would, he said.

Neopost: + 10.39% to 56.30 euros

The group raised its forecast of annual sales for the second time, following an accelerated growth in the second quarter, thanks to the dynamics of North America.

"In France, the breakfast is just 2% of sales of cafés, bars and eateries, says the owner of the establishment, also president of cafes, bars and brasseries in the union Synhorcat. But for one short year, the market moves a little. We draw some of the clientele of hotels.More and more business appointments are also around a working breakfast between 8 o'clock and 10 o'clock. "

"Not very profitable"

Praised by business travelers, the Plaza Athénée, a Parisian palace, carries 3 million in sales a year with his breakfast, including 1.6 million in the dining room of Alain Ducasse, where 60% of the clientele has not spent the night at the hotel. A single espresso is charged 8 euros. "The average price is 50 euros per person. All patrons of the CAC 40 are there, welcomes François Delahaye, the owner of the Plaza Athénée. Breakfast loyalty. But it is not very profitable, because payroll costs as much as we noon, when the bill is four times lower. "

Breakfast remains a difficult market for restaurateurs.The French are indeed more likely to take home the Anglo-Saxons, and they have less appetite.

McDonald's France, the breakfast is less than 1% of sales. "Unlike the British, Germans and Dutch, the French are not ready to leave in the morning for their breakfast, says Isabelle Kuster, Vice President of Operations in France and Southern Europe at McDonald's. Many are content with a coffee and stay hungry until noon.To attract them, we must offer them what they prefer: an espresso and toast. "As a result, McDonald's, which sells its formula with American breakfast (pancakes and Egg McMuffin) than 250 McDonald's where the demand warrants, innovates by launching September 26th in its 130 McCafe an offer adapted to the habits of the French, with small black and baguette spread with butter and jam.

"France is the only country where the espresso and croissants topped sales in the morning," insists a spokesman for Starbucks. The American chain attracts a customer in France to 60% and 40% of local tourists. In the morning, only 30% of customers use their on-site order. "But in France, we carry a large portion of our sales between 8 am and noon, when the Germans and Spaniards are more in the afternoon," said the spokesman for Starbucks.

Roadmap drastic

The ECB seems to blame the previous plans of Silvio Berlusconi to be inadequate, too general, too spread out over time.As she raises her conditions. First, she asked Silvio Berlusconi to proceed by order, immediately applicable, not Bill (DDL), that Parliament is still time to approve. It then lists the reforms it expects Italy. In terms of privatization, she cites municipal corporations (public transport, roads, electricity supply, with the exception of water which will remain public).

With regard to the Labour Code in force since 1970, the ECB requires to make more flexible the procedures for dismissal and to focus on agreements in companies with sectoral agreements negotiated at the national level. This is a crucial point: Sergio Marchionne, boss of Fiat, continues to denounce the rigidity of hiring and layoffs.

By asking such requirements, the ECB ventures into unfamiliar ground.But it does not matter to the hawks in Frankfurt to fly to the rescue of Rome by putting huge sums into play if Italy does not comply with a roadmap drastically. Nicolas Sarkozy and Angela Merkel pushed in that direction. In their joint statement on Sunday night, they emphasized that the return of Italy to a balanced budget in 2013 was an important "fundamental" for markets and called for "a rapid implementation and complete" the measures announced Friday by Silvio Berlusconi.

This intervention boosted the opposition: "What we really require the ECB and the international institutions? A government powerless now totally discredited and Trust must at least say what the real situation, "said the press head of the Democratic Party, Pierluigi Bersani.As for the former European Commissioner Mario Monti, he now believes that Italy is governed by a "foreign Podesta."

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This is clearly not the case for Bic.The specialist in stationery, lighters and shavers has indeed unveiled Wednesday half-yearly sales up 5.5% (comparable) to 886.1 million euros and an operating profit of 174.9 million euros. An annual increase of 22.4% more than that of revenue, thanks in part to the increase in gross margin and cost savings involved in the restructuring program in 2009.

Offset deliveries of orders for back-classesCes good results are obtained Bic thanks to sales growth markets (+15.3% on a comparable basis) and by the strong performance of its consumer division (stationery, lighters, razors ).The latter, which represents over 85% of its turnover, has in fact increased by 8.8% over the period to 758.8 million euros, supported among others by the good performance in stationery and lighters in Latin America and Asia lighters.

However, in Europe and the United States, stationery grew much lower (about 1.5%), affected by the timing of delivery of orders to return to school. "Distributors delay until the last moment of receipt of goods back to school," explains the release. With the effect a shift in sales from the second to the third quarter. Despite this, the group remains confident for the year-end on this division that made its reputation. For 2011, management believes that growth in this sector will exceed the 5% previously announced for the year.

Advertising products to the penalty

Investors have therefore retained the good news rather than the poor performance of the other activities of Bic, namely advertising and promotional products (Bic APP), which represents 15% of its sales. In the first six months of the year, income from this activity decreased by 10.2% on a comparable basis, affected by "customer service issues, including delivery." In addition, BIC recorded in this division of non-recurring items mainly related to the reorganization of its Italian operations, affecting up to 1.9 million euros operating profit. In the end, Bic APP recorded a loss from operations of 3.5 million euros, against a gain of 1.6 million a year earlier.Bic said however, "confident about the success of the integration plan and return to growth of this branch in 2012."

In the longer term, Bic is also focusing on growing markets for its development. Within a decade, he wants to increase the share of its business that is conducted at over 40% against 29% in 2010. And to address inflationary environment of commodity prices, Bic plans in the coming weeks price adjustments "targeted" on some of its products. A "power-pricing" that would also be useful to offset increased marketing investments to support the brand.

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